Months after suspending its UK operations, CEX.io has resumed operating in the country.
The centralized exchange halted trading activities in 2023 as part of its attempts to comply with the UK’s Financial Conduct Authority’s (FCA) guidelines on cryptocurrencies.
CEX.io Resumes UK Operations with Focus on Compliance
Commenting on its resumption in the UK, Rich Evans, the managing director at CEX.io, remarked, “In our efforts to reenter the UK market, CEX.IO has taken a measured and responsible approach, adhering to the FCA’s requirements without seeking shortcuts.”
Before halting services in 2023, the UK was one of CEX.io’s main markets. Users from that region accounted for over 69% of the company’s total clients within the European Economic Area.
CEX•IO Back in the Game: Navigating FCA’s Tightened Crypto Rules
CEX•IO is back in action in the UK after hitting pause last year to meet new FCA regulations.
They’ve teamed up with Gateway 21, an FCA-authorized partner, to get the green light for promotions – part of the… pic.twitter.com/Ky1rPO2Sxs
— IBC Group Official (@ibcgroupio) September 13, 2024
CEX.io currently has over 15 million users and plans to tighten its grip on the UK market. The company noted that UK users can access over 190 digital assets on its exchange and plans to expand this list in the coming months.
In a statement, Evans emphasized the company’s commitment to compliance. “We operate strictly within current regulations and hold 40 licenses and registrations worldwide. Additionally, we employ advanced client security measures. Responsibility to both legal standards and the users who entrust us with their funds has always been a top priority for CEX.IO, even if it means sacrificing business growth.”
As per reports, CEX.io is currently working to secure an AML license from the FCA. However, the exchange’s collaboration with Gateway 21 makes its return to the UK possible. Gateway 21 is an FCA-regulated financial promotion approver. Most crypto exchanges are partnering with companies like Gateway 21 to comply with the FCA’s demands. For example, Nexo recently returned to the UK on a similar arrangement with Gateway 21.
Crypto Activities Continue to Surge in the UK
The UK remains one of the growing crypto markets around the world. Although Nigeria and India have the highest adoption rates, the UK has seen a growing number of exchanges move to provide services there.
Crypto adoption is moving right along in the UK.
First, introducing bill to legally recognize cryptocurrency as personal property.
Then, stablecoin laws established in the UK by the end of 2024.
All according to plan.😉💨
International coordination for Global Clarity of… https://t.co/pNv8zBjzFV pic.twitter.com/ZipqJcGbnb
— SMQKE (@SMQKEDQG) September 11, 2024
In response to this, the FCA rolled out new guidelines in 2023, seeking to create a safe market. Some of the rules for crypto service providers include a cool-off period and risk warning ads for UK users. Other standard measures include an assessment test for UK users.
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